Hughes Posts Solid 3Q - Multichannel

Hughes Posts Solid 3Q

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DirecTV Inc. parent Hughes Electronics Corp. Tuesday reported increased third-quarter revenue and profits.

Hughes said revenue rose 17% to $2.57 billion versus $2.19 billion in the third quarter of 2002. Operating profit before depreciation and amortization for the quarter rose 33% to $359 million compared with $270 million in the same period last year. Operating profit jumped to $77 million versus $16 million in the year-ago period.

DirecTV had its second-best quarter ever in terms of subscriber additions. The direct-broadcast satellite provider’s 326,000 net new subscribers represented a 58% increase over last year's third quarter.

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